SANTA MONICA-MALIBU UNIFIED SCHOOL DISTRICT DECEMBER 10, 2015 AGENDA ITEM A.24
SMMUSD 1 st Interim Report Shows the District s financial position as of October 31, 2015 Displays the Adopted Budget, Current Actuals, and Projected Totals for each District fund Includes an analysis of standards for financial reporting set by the State Projects General Fund activity for the current and next two fiscal years Certifies one of three conditions: positive, negative or qualified
GENERAL FUND (01) ADOPTED ACTUALS 2015-16 BUDGET AS OF ESTIMATED DIFF 10/31/15 ACTUALS REVENUE 138,057,596 19,096,112 143,503,307 5,445,711 EXPENDITURES 136,761,063 27,492,461 143,146,484 (6,385,421) EXCESS OR (DEFICIENCY) 1,296,533 (8,396,349) 356,823 (939,710) BEGINNING BALANCE 35,474,469 35,474,469 0 PROJECTED ENDING BALANCE 36,771,002 35,831,292 (939,710)
CITY OF SANTA MONICA 6% PROP Y 5% LEASE / RENT 3% OTHER LOCAL 4% 2015-16 GENERAL FUND REVENUE PARCEL TAXES 8% OTHER STATE REVENUES 10% LCFF /STATE 60% FEDERAL REVENUES 4%
BOOKS AND SUPPLIES 4% OTHER SERVICES 10% 2015-16 GENERAL FUND EXPENDITURE CAPITAL OUTLAY EMPLOYEE BENEFITS 22% CERTIFICATED SALARIES 45% CLASSIFIED SLALRIES 19% SALARY & BENEFITS 86%
GENERAL FUND (01) Nonspendable Amounts Stores, Revolving Cash, Prepaid 100,000 Restricted 2,732,014 Assigned Amounts Reserve for 2016-17 Deficit Spending 1,765,627 Reserve for 2017-18 Deficit Spending 1,052,574 Reserve for One-Time funds 4,919,484 Reserve for 5% Property Tax Increase 2,792,450 Reserve for up to 2 months General Fund expenditures 18,174,748 Unassigned/Unappropreated Amounts Reserve for Economic Uncertainties 4,294,395 FUND BALANCE 35,831,292
ADULT EDUCATION (11) ADOPTED ACTUALS 2015-16 BUDGET AS OF ESTIMATED DIFF 10/31/15 ACTUALS REVENUE 351,234 122,929 400,964 49,730 EXPENDITURES 394,454 98,387 485,590 (91,136) EXCESS OR (DEFICIENCY) (43,220) 24,542 (84,626) (41,406) BEGINNING BALANCE 369,566 369,566 0 PROJECTED ENDING BALANCE 326,346 284,940 (41,406)
CHILD DEVELOPMENT FUND (12) ADOPTED ACTUALS 2015-16 BUDGET AS OF ESTIMATED DIFF 10/31/15 ACTUALS REVENUE 8,001,668 2,192,443 8,204,790 203,122 EXPENDITURES 8,001,668 1,505,687 8,423,531 (421,863) EXCESS OR (DEFICIENCY) 0 686,756 (218,741) (218,741) BEGINNING BALANCE 264,166 264,166 0 PROJECTED ENDING BALANCE 264,166 45,425 (218,741)
CAFETERIA FUND (13) ADOPTED ACTUALS 2015-16 BUDGET AS OF ESTIMATED DIFF 10/31/15 ACTUALS REVENUE 2,917,010 431,498 2,917,010 0 EXPENDITURES 2,910,307 524,839 2,919,057 (8,750) EXCESS OR (DEFICIENCY) 6,703 (93,341) (2,047) (8,750) BEGINNING BALANCE 176,203 176,203 0 PROJECTED ENDING BALANCE 182,906 174,156 (8,750)
DEFERRED MAINTENANCE (14) ADOPTED ACTUALS 2015-16 BUDGET AS OF ESTIMATED DIFF 10/31/15 ACTUALS REVENUE 251,000 0 251,000 0 EXPENDITURES 250,000 0 251,000 (1,000) EXCESS OR (DEFICIENCY) 1,000 0 0 (1,000) BEGINNING BALANCE 140,846 140,846 0 PROJECTED ENDING BALANCE 141,846 140,846 (1,000)
BUILDING FUND (21) ADOPTED ACTUALS 2015-16 BUDGET AS OF ESTIMATED DIFF 10/31/15 ACTUALS REVENUE 60,590,000 60,299,999 60,890,000 300,000 EXPENDITURES 50,692,730 11,092,114 81,156,563 (30,463,833) EXCESS OR (DEFICIENCY) 9,897,270 49,207,885 (20,266,563) (30,163,833) BEGINNING BALANCE 61,878,829 61,878,829 0 PROJECTED ENDING BALANCE 71,776,099 41,612,266 (30,163,833)
CAPITAL FACILITIES FUND - DEVELOPER FEES (25) ADOPTED ACTUALS 2015-16 BUDGET AS OF ESTIMATED DIFF 10/31/15 ACTUALS REVENUE 810,000 50,948 810,000 0 EXPENDITURES 841,200 910,125 1,849,300 (1,008,100) EXCESS OR (DEFICIENCY) (31,200) (859,177) (1,039,300) (1,008,100) BEGINNING BALANCE 3,434,361 3,434,361 0 PROJECTED ENDING BALANCE 3,403,161 2,395,061 (1,008,100)
SPECIAL RESERVE - CAPITAL OUTLAY (40) ADOPTED ACTUALS 2015-16 BUDGET AS OF ESTIMATED DIFF 10/31/15 ACTUALS REVENUE 2,525,960 0 2,525,960 0 EXPENDITURES 2,117,081 214,299 2,267,081 (150,000) EXCESS OR (DEFICIENCY) 408,879 (214,299) 258,879 (150,000) BEGINNING BALANCE 9,406,055 9,406,055 0 PROJECTED ENDING BALANCE 9,814,934 9,664,934 (150,000)
BOND INTEREST AND REDEMPTION (51) ADOPTED ACTUALS 2015-16 BUDGET AS OF ESTIMATED DIFF 10/31/15 ACTUALS REVENUE 32,233,156 0 31,949,042 (284,114) EXPENDITURES 25,507,835 0 47,019,124 (21,511,289) EXCESS OR (DEFICIENCY) 6,725,321 0 (15,070,082) (21,795,403) BEGINNING BALANCE 40,498,436 40,498,436 0 PROJECTED ENDING BALANCE 47,223,757 25,428,354 (21,795,403)
SELF INSURANCE FUND - RETIREE HEALTH BENEFITS (67) ADOPTED ACTUALS 2015-16 BUDGET AS OF ESTIMATED DIFF 10/31/15 ACTUALS REVENUE 1,238,160 0 0 (1,238,160) EXPENDITURES 1,183,160 0 0 1,183,160 EXCESS OR (DEFICIENCY) 55,000 0 0 (55,000) TO FUND 71 0 0 5,802,283 5,802,283 BEGINNING BALANCE (5,802,283) (5,802,283) 0 PROJECTED ENDING BALANCE (5,747,283) 0 5,747,283
RETIREE HEALTH BENEFIT FUND (71) ADOPTED ACTUALS 2015-16 BUDGET AS OF ESTIMATED DIFF 10/31/15 ACTUALS REVENUE 0 0 2,242,583 2,242,583 EXPENDITURES 0 0 1,183,160 (1,183,160) EXCESS OR (DEFICIENCY) 0 0 1,059,423 1,059,423 FROM FUND 67 (5,802,283) BEGINNING BALANCE 0 (5,802,283) (5,802,283) PROJECTED ENDING BALANCE 0 (4,742,860) (4,742,860)
Multi-year Projection reflects: The district s financial position over the current and next two fiscal years. State revenue Cost of Living (COLA) increases of 1.02% (2015-16), 1.60% (2016-17), and 2.48% (2017-18). LCFF Gap Funding increasing by 51.52% (2015-16), 35.55% (2016-17), and 36.70% (2017-18). Student enrollment stable at 11,261 each year. Local revenue from parcel taxes, Prop Y and the City of Santa Monica contribution are projected at $27.4 million in 2015-16, growing at a rate of between 1.5% and 2.5% over the next two years.
Multi-year Projection continued: Does not include potential salary schedules changes; as a result of negotiations with SMMCTA or SEIU. Employee health and welfare increases of 7.0% and Step and Column salary increase, increases of 1.50% each year. The Reserve for Economic Uncertainties remains at 3.0%. Reserves for future deficit spending, projected property tax increases, and up to 2 months of General Fund Expenditures are included.
Description SANTA MONICA-MALIBU USD MULTI-YEAR PROJECTION UNRESTRICTED GENERAL FUND 2015-16 2016-17 2017-18 1ST INTERIM PROJECTED PROJECTED BUDGET BUDGET BUDGET Property Tax 76,200,989 80,011,038 84,011,590 Education Protection Account (EPA) 2,169,732 2,151,600 2,151,600 LCFF Transfer to Fund 11 & Fund 14 (250,000) (250,000) (250,000) LCFF Transfer to County Specialized Secondary School (84,000) (86,000) (88,000) LCFF State Aide - includes Minimum State Aid 8,585,843 8,585,843 8,585,843 Subtotal LCFF Funding 86,622,564 90,412,481 94,411,033 Other Federal 158,555 13,000 13,000 Lottery 1,413,403 1,413,403 1,413,403 Mandated Reimbursement Block Grant 6,123,033 397,348 397,348 Other State Revenue 8,000 8,000 8,000 Measure R 11,302,835 11,415,863 11,530,022 Prop Y - City of SM 7,500,000 7,600,000 7,700,000 Joint Use Agreement - City of SM 8,617,269 8,789,614 8,965,407 All Other Local Income 3,993,232 3,490,000 3,490,000 SMMEF Donation 2,365,721 2,500,000 2,500,000 Local General Fund Contribution (23,213,882) (23,500,000) (24,000,000) TOTAL REVENUE 104,890,730 102,539,709 106,428,212
SANTA MONICA-MALIBU USD MULTI-YEAR PROJECTION UNRESTRICTED GENERAL FUND Description 2015-16 2016-17 2017-18 1ST INTERIM PROJECTED PROJECTED BUDGET BUDGET BUDGET Certificated Salary 49,508,646 49,600,100 50,184,101 Classified 17,190,798 17,448,660 17,710,390 Benefits 23,619,225 25,510,372 27,658,329 Supplies/Books 3,130,424 2,700,000 2,700,000 Other Operational Costs 9,058,990 9,000,000 9,000,000 Capital Outlay 683,728 313,000 212,500 Debt Services 53,400 53,400 53,400 Indirect (1,234,335) (1,100,000) (1,100,000) Interfund Transfer to Fund 12 185,494 110,000 110,000 Interfund Transfer to Fund 13 130,000 130,000 130,000 Interfund Transfer to Fund 71 1,000,000 LCAP increase above 2015-16 539,803 822,065 TOTAL EXPENDITURE 103,326,370 104,305,335 107,480,786
Description SANTA MONICA-MALIBU USD MULTI-YEAR PROJECTION UNRESTRICTED GENERAL FUND 2015-16 2016-17 2017-18 1ST INTERIM BUDGET PROJECTED BUDGET PROJECTED BUDGET Increase (Decrease) Fund Balance 1,564,360 (1,765,626) (1,052,574) Beginning Fund Balance 31,534,919 33,099,278 31,333,653 Ending Fund Balance 33,099,278 31,333,653 30,281,078 Reserve - Revolving cash, Store 100,000 100,000 100,000 Reserve - Deficiting Spending in 16-17 1,765,626 Reserve - Deficiting Spending in 17-18 1,052,574 1,052,574 Reserve - 50% of 16-17 Gap Funding 1,712,959 1,712,959 Reserve - 50% of 17-18 Gap Funding 1,483,030 Reserve - Minimum State Aid exceed LCFF funding 2,792,450 3,977,593 5,012,085 Reserve - One time Funds 4,919,484 4,371,318 4,303,818 Reserve 2 month of General Fund Expenditures 18,174,749 3% Contingency Reserve 4,294,395 4,235,620 4,386,886 Unappropriated Balance 0 15,883,588 13,282,300
Positive Certification of 1 st Interim The District is submitting the 1 st Interim Report with a positive certification The District will be able to meet its obligation in the current and next two fiscal years.